PRESS DIGEST - China - Jan 3

Reuters

SHANGHAI, Jan 3 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Friday. Reuters has not checked the stories and does not vouch for their accuracy.

CHINA DAILY

- Chinese judges are quitting in droves, complaining of too much interference from government officials, heavy caseloads, and salaries of 5,000 yuan ($830) per month.

CHINA BUSINESS NEWS

- China is expected to take over the United States as the world's largest foreign trader by volume in 2013.

PEOPLE'S DAILY

- A poll by the National Bureau of Statistics showed 87.3 percent of citizens surveyed in 21 provinces believed a campaign against official corruption launched by the country's new leadership, which came into power in November 2012, had won some success.

SHANGHAI DAILY

- A helicopter from the Chinese icebreaker Snow Dragon picked up the first batch of passengers from stranded Russian ship MV Akademik Shokalskiy as a rescue operation got underway in the Antarctic on Thursday.

SECURITIES TIMES

- The China Securities Regulatory Commission plans to revise rules, including those governing corporate restructuring, to implement principles announced last month by the State Council, the cabinet, to strengthen protection of small investors.

CHINA SECURITIES JOURNAL

- Another five companies have obtained regulatory approvals to launch initial public offerings (IPOs), with general equipment producer Anhui Yingliu Electromechanical publishing its share issue prospectus to float 80 million shares for a listing on the Shanghai Stock Exchange. More than a dozen firms have won approvals to launch IPOs since China ended a 14-month freeze.

- The first batch of companies launching IPOs after the freeze appears to be pricing their issues at 20 to 30 times of their historical earnings, lower than prices that firms fixed before the freeze, because regulators have issued new rules to clamp down on excessive pricing and rampant speculation in new shares.

SHANGHAI SECURITIES NEWS

- China CNR Corp, one of the country's top two train makers, said it won approval from the state asset management bureau to issue H shares to be listed on the Hong Kong stock exchange.

- China will study Tobin Tax, a proposal made by the European Union to levy trading tax globally on spot foreign exchange transactions so as to curb speculation, vice central bank governor Yi Gang said in an article published by the "Qiu Shi" (Seeking Truth) magazine.

For Hong Kong and South China newspapers see.....

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